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    Recognition of trustee filing in French insolvency safeguard proceedings
    2012-04-26

    In a decision that represents a triumph for bondholders, and should provide comfort to market participants, the Supreme Court of France (the “Supreme Court”) has recognized the trust structure and the parallel debt mechanism as part of security packages put in place for secured international financings granted to a French company.

    Filed under:
    France, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bond (finance), Collateral (finance), Debt, Court of Appeal of England & Wales
    Location:
    France
    Firm:
    Schulte Roth & Zabel LLP
    Delaware Bankruptcy Court decisions highlight split on Rule 2019 disclosure
    2010-01-28

    In a Jan. 20, 2010, opinion, Judge Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware held that a group of investors who had together proposed a plan of reorganization for the debtor did not have to comply with the disclosure requirements of Federal Rule of Bankruptcy Procedure 2019 (“Rule 2019”) In re Premier International Holdings, Inc., No. 09-12019 (Bankr. D. Del. Jan. 20, 2010) (Sontchi, J.) (“Six Flags”). In Six Flags, Judge Sontchi expressly disagreed with two prior decisions on the subject of Rule 2019 disclosure, one by Judge Mary K.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Shareholder, Debtor, Security (finance), Interest, Discovery, Debt, Motion to compel, United States bankruptcy court, US District Court for District of Delaware, US District Court for SDNY
    Authors:
    Lawrence V. Gelber
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Zais Investment Grade Limited VII — CDO noteholders take advantage of Chapter 11
    2011-10-03

    The U.S. Bankruptcy Court for the District of New Jersey recently held that a Cayman Islands collateralized-debt obligation issuer (“CDO”) could be a debtor under Chapter 11 of the U.S. Bankruptcy Code (the “Bankruptcy Code”) and declined to dismiss an involuntary case commenced against the CDO by certain noteholders on the grounds that the notes held by such noteholders were “non-recourse” notes. Below is a discussion of the court’s decision and its potential implications. The decision is currently being appealed.

    Filed under:
    Cayman Islands, USA, New Jersey, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Schulte Roth & Zabel LLP, Bankruptcy, Debtor, Collateral (finance), Debt, Asset-backed security, Liquidation, Default (finance), Collateralized debt obligation, Mortgage-backed security, Pro rata, Title 11 of the US Code, United States bankruptcy court, US District Court for District of New Jersey
    Authors:
    Lawrence V. Gelber , Daniel V. Oshinsky , Craig Stein
    Location:
    Cayman Islands, USA
    Firm:
    Schulte Roth & Zabel LLP
    Notice of intended dividend; bar date of December 31, 2010, established for preferential and unsecured claims against LBIE
    2010-01-06

    The Joint Administrators (the “Administrators”) of Lehman Brothers International (Europe) (“LBIE”) have issued a notice, dated December 4, 2009 (the “Notice”), pursuant to Rule 2.95(1) of the U.K. Insolvency Rules 1986, announcing their intent to make a distribution (by payment of an interim dividend) to preferential creditors (if any) and unsecured, non-preferential creditors of LBIE. The Notice was authorized on December 2, 2009, by an order of the High Court of Justice (Companies Court) in London (the “U.K. Court Order”).

    Filed under:
    United Kingdom, Insolvency & Restructuring, Schulte Roth & Zabel LLP, Unsecured debt, Dividends, Debt, Lehman Brothers, High Court of Justice
    Location:
    United Kingdom
    Firm:
    Schulte Roth & Zabel LLP
    Fifth Circuit shows reorganization investors how to get and keep an expense reimbursement order
    2011-09-09

    The U.S. Court of Appeals for the Fifth Circuit, on Aug. 16, 2011, affirmed the lower court’s decision authorizing reimbursement of expenses to qualified bidders for a reorganization debtor’s assets. In re Asarco, LLC, 2011 BL 213002 (5th Cir. Aug. 16, 2011). In the court’s view, the debtor provided “a compelling and sound business justification for the reimbursement authority.” Id. at *12.

    Facts

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Debtor, Federal Reporter, Debt, Due diligence, Judicial review, Business judgement rule, Second Circuit, United States bankruptcy court, Fifth Circuit, Third Circuit, Trustee
    Authors:
    Michael L. Cook , Lawrence V. Gelber
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Claim resolution agreement, segregated assets, U.K. high court rulings
    2009-12-17

    As previously described in our Alert of Oct.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Share (finance), Conflict of laws, Unsecured debt, Debt, Liquidation, Election, Pro rata, Lehman Brothers, High Court of Justice
    Authors:
    Lawrence V. Gelber , Craig Stein , Ron Feldman
    Location:
    United Kingdom
    Firm:
    Schulte Roth & Zabel LLP
    Debt traders settling post-reorganization equity
    2011-08-11

    DURING THE PAST YEAR, many investors in the distressed debt market have received postreorganization private equity1 either through a confirmed plan of reorganization or through participation in a rights offering. Unlike publicly traded equity, each new issuance of postreorganization equity leaves recipients, issuers, and agents potentially facing uncharted territory in terms of how the instrument is to trade and settle.

    Filed under:
    Global, Banking, Capital Markets, Insolvency & Restructuring, Schulte Roth & Zabel LLP, Share (finance), Public company, Corporate governance, Shareholder, Debtor, Private equity, Security (finance), Market liquidity, Consideration, Debt, Distressed securities
    Authors:
    Lawrence V. Gelber , Adam C. Harris , David J. Karp , Neil S. Begley
    Location:
    Global
    Firm:
    Schulte Roth & Zabel LLP
    Pennsylvania district court denies secured creditors’ right to credit bid in sale auction where debtors had proposed to provide them the “indubitable equivalent” of their claims under plan of reorganization
    2009-11-13

    On Nov. 10, 2009, a Pennsylvania district court held that secured creditors do not have an absolute right to credit bid1 their debt under the Bankruptcy Code (the “Code”) in an asset sale conducted pursuant to a “cramdown” plan of reorganization that proposes to provide the secured creditors with the “indubitable equivalent” of their claims. In re Philadelphia Newspapers, LLC, Civil Action 09-00178 at 57 (E.D. Pa. Nov. 10, 2009). This decision is on appeal to the Third Circuit Court of Appeals.

    Facts

    Filed under:
    USA, Pennsylvania, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Credit (finance), Debtor, Collateral (finance), Limited liability company, Debt, Fair market value, Secured creditor, Secured loan, Title 11 of the US Code, United States bankruptcy court, Third Circuit
    Authors:
    Michael L. Cook , Lawrence V. Gelber , Adam C. Harris , David M. Hillman , Brian D. Pfeiffer
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Bankruptcy claims trading orders: who is watching?
    2011-08-11

    CURRENTLY, NEGOTIATION and documentation of claims trades remain largely unregulated, with only limited oversight from bankruptcy courts and the Securities and Exchange Commission. Generally, the bankruptcy court’s, or the claims agent’s, involvement in claims trading is ministerial, i.e., maintaining the claims register and recording transfers if the form complies with the rule. Only if there is an objection to a claims transfer does the bankruptcy court become involved in the substance of a transfer.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Regulatory compliance, Bankruptcy, Debtor, Security (finance), Waiver, Consideration, Debt, Liquidation, Internal Revenue Code (USA), US Securities and Exchange Commission, United States bankruptcy court
    Authors:
    Lawrence V. Gelber , Adam C. Harris , David J. Karp , Neil S. Begley
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Florida bankruptcy judge holds ‘savings clause’ unenforceable when voiding guarantees as fraudulent transfers
    2009-10-30

    A Florida bankruptcy court, on Oct. 13, 2009, issued a 182-page decision after a 13-day trial, among other things, avoiding on fraudulent transfer grounds (a) secured subsidiary guarantees of $500 million and (b) $420 million pre-bankruptcy payments. In re Tousa, Inc., et al., Case No. 08-10928; Adv. P. 08-1435 (S.D. Fla. Oct. 13, 2009). The decision is on appeal to the district court.  

    Relevance  

    Filed under:
    USA, Florida, Banking, Insolvency & Restructuring, Litigation, White Collar Crime, Schulte Roth & Zabel LLP, Bankruptcy, Surety, Debtor, Debt, Joint venture, Line of credit, Joint and several liability, Subsidiary, Secured loan, United States bankruptcy court
    Authors:
    Michael L. Cook , Lawrence V. Gelber , Adam C. Harris , David M. Hillman , Brian D. Pfeiffer
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP

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